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Transferring final salary pensions to Fidelity

Important information - the value of investments can go down as well as up, so you may get back less than you invest. The minimum age you can normally access your pension savings is currently 55, and is due to rise to 57 on 6 April 2028, unless you have a lower protected pension age. Before going ahead with a pension transfer, we strongly recommend that you undertake a full comparison of the benefits, charges and features offered. Please read our pension transfer factsheet. This information is not a personal recommendation for any particular product, service or course of action. If you’re in any doubt about whether a pension transfer is suitable for your circumstances we strongly suggest that you seek advice from Fidelity’s retirement service or an authorised financial adviser of your choice.  Fidelity will only accept transfers from defined benefit pension schemes if you have taken financial advice and it confirms it is in your best interests to transfer.

A defined benefit pension pays a retirement income based on your salary and how long you have worked for your employer. Defined benefit pensions include salary related (‘final salary’ and ‘career average’) pension schemes. This type of pension is generally only available from public sector or older workplace pension schemes.

Transferring a pension that contains any kind of promise or guarantee requires careful consideration. This is because the benefits are normally lost once you transfer and cannot usually be reinstated. The value of some benefits can be substantial and a transfer, giving them up, may prove to be both costly and inappropriate.

Transferring your pension to Fidelity’s SIPP

If you want to transfer your defined benefit pension into the Fidelity SIPP, there are some important things you should consider as you will be giving up valuable benefits.  The government insists that appropriate financial advice from a suitably qualified adviser must be taken before you can transfer defined benefit pensions worth £30,000 or more.

Fidelity will only accept transfers from defined benefit pension schemes if you have taken financial advice and the advice confirms that it is in your best interests to transfer. This applies to all defined benefit transfers not just those above £30,000.

Your adviser will need to complete and return the Transfer advice declaration form to us, so we can process your request. This advice must still confirm it is suitable for you to transfer your benefits from your current pension scheme to a flexible benefit arrangement.

Transferring defined benefit pensions at a glance

Why Defined Benefit Schemes are so valuable
Potential reasons you may want to consider a transfer
Important considerations if you are thinking about transferring

Get expert help

Fidelity’s retirement service can provide you with personalised retirement advice based on your circumstances. This is a paid for service. The recommendation will be based on careful financial analysis of the value of your transfer in relation to your personal circumstances and objectives.

This is a fully inclusive advice service that will recommend whether you should transfer or not and if transferring, what you should invest into. As a result, this service would not be suitable for anyone seeking to transfer and then choose their own investments.

If Fidelity’s recommendation is that it is not in your interests to transfer, Fidelity will not accept a transfer from your existing scheme. You will, however, receive a Financial Advice Certificate which may enable you to release your transfer to an alternative pension provider, subject to you meeting their requirements, if you still wish to proceed against Fidelity’s advice.

The advice fee will apply, regardless of the outcome.

Call us on 0800 368 6882. We’re available Monday to Friday from 9am to 5pm.

Please note - from time to time we experience a high demand for this service, leading to a longer wait time to speak with one of our advisers and to complete our advice recommendations.


Pension Wise

The Government's Pension Wise service offers free, impartial guidance to help you understand your options at retirement. You can access the guidance online at or call them on 0800 138 3944.

Important information

This information is not a personal recommendation for any particular product, service or course of action. Pension and retirement planning can be complex, so if you are unsure about the suitability of a pension investment, retirement service or any action you need to take, please contact Fidelity’s retirement service on 0800 084 5045 or refer to an authorised financial adviser of your choice.